Cirrus Logic Reports Q4 Revenue of $149.7 Million and Full FY14 Revenue of $714.3 Million

AUSTIN, Texas, Apr 24, 2014 (BUSINESS WIRE) --
Cirrus Logic, Inc.
CRUS, +0.18%a leader in high-precision
analog and digital signal processing components, today posted on its
investor relations website at http://investor.cirrus.com
the quarterly Shareholder Letter that contains the complete financial
results for the fourth quarter and full fiscal year 2014, which ended
March 29, as well as the company’s current business outlook.

“Cirrus Logic is entering into FY15 with a robust pipeline of innovative
products, a compelling roadmap pairing our best in class hardware with
embedded SoundClear® software and solid relationships
with leading players in our target markets,” said Jason Rhode, president
and chief executive officer. “Many of our new developments are now under
way in more advanced process geometries, allowing our engineers to add
meaningful signal processing capabilities to our products and
significantly enhance the value we add for our customers.”

Reported Financial Results – Fourth Quarter FY14

Revenue of $149.7 million;

Gross margin of 49 percent;

GAAP operating expenses of $53.3 million and non-GAAP operating
expenses of $47.9 million; and

GAAP diluted earnings per share of $0.20 and non-GAAP diluted earnings
per share of $0.41.

Reported Financial Results – Complete FY14

Revenue of $714.3 million;

Gross margin of 50 percent;

GAAP operating expenses of $201.1 million and non-GAAP operating
expenses of $178.3 million; and

GAAP diluted earnings per share of $1.65 and non-GAAP diluted earnings
per share of $2.69.

A reconciliation of the non-GAAP charges is included in the tables
accompanying this press release.

Business Outlook – First Quarter FY15

Revenue is expected to range between $135 million and $155 million;

Gross margin is expected to be between 47 percent and 49 percent; and

Combined R&D and SG&A expenses are expected to range between $57
million and $62 million, which includes approximately $7 million in
share-based compensation and amortization of acquired intangibles.

Cirrus Logic will host a live Q&A session at 5 p.m. EDT today to answer
questions related to its financial results and business outlook.
Participants may listen to the conference call on the Cirrus
Logic website. Participants who would like to submit a question to
be addressed during the call are requested to email investor.relations@cirrus.com.
A replay of the webcast can be accessed on the Cirrus Logic website
approximately two hours following its completion, or by calling (404)
537-3406, or toll-free at (855) 859-2056 (access code:23057089).

Upcoming Investor Conference

Cirrus Logic CEO Jason Rhode will present at the Jefferies 2014 Global
Technology, Media and Telecom Conference in Miami on May 6 at 12:00 pm
EDT. A live webcast of the presentation will be available on the
company's investor relations website http://investor.cirrus.com.
An archived replay of the webcast will be available for 90 days on the
website following the event.

Cirrus Logic, Inc.

Cirrus Logic develops high-precision, analog and mixed-signal integrated
circuits for a broad range of innovative customers. Building on its
diverse analog and signal-processing patent portfolio, Cirrus Logic
delivers highly optimized products for a variety of audio and
energy-related applications. The company operates from headquarters in
Austin, Texas, with offices in Phoenix, Ariz., Europe, Japan and Asia.
More information about Cirrus Logic is available at www.cirrus.com.

Use of non-GAAP Financial Information

To supplement Cirrus Logic's financial statements presented on a GAAP
basis, Cirrus has provided non-GAAP financial information, including
operating expenses, net income, operating profit and diluted earnings
per share. A reconciliation of the adjustments to GAAP results is
included in the tables below. Non-GAAP financial information is not
meant as a substitute for GAAP results, but is included because
management believes such information is useful to our investors for
informational and comparative purposes. In addition, certain non-GAAP
financial information is used internally by management to evaluate and
manage the company. The non-GAAP financial information used by Cirrus
Logic may differ from that used by other companies.These
non-GAAP measures should be considered in addition to, and not as a
substitute for, the results prepared in accordance with GAAP.

Safe Harbor Statement

Except for historical information contained herein, the matters set
forth in this news release contain forward-looking statements, including
our estimates of first quarter fiscal year 2015 revenue, gross margin,
combined research and development and selling, general and
administrative expense levels, share-based compensation expense and
amortization of acquired intangibles. In some cases, forward-looking
statements are identified by words such as “expect,” “anticipate,”
“target,” “project,” “believe,” “goals,” “opportunity,” “estimates,”
“intend,” and variations of these types of words and similar expressions.In addition, any statements that refer to our plans, expectations,
strategies or other characterizations of future events or circumstances
are forward-looking statements.These forward-looking statements
are based on our current expectations, estimates and assumptions and are
subject to certain risks and uncertainties that could cause actual
results to differ materially. These risks and uncertainties include, but
are not limited to, the following: the level of orders and shipments
during the first quarter of fiscal year 2015, as well as customer
cancellations of orders, or the failure to place orders consistent with
forecasts; and the risk factors listed in our Form 10-K for the year
ended March 30, 2013, and in our other filings with the Securities and
Exchange Commission, which are available at www.sec.gov.
The foregoing information concerning our business outlook represents our
outlook as of the date of this news release, and we undertake no
obligation to update or revise any forward-looking statements, whether
as a result of new developments or otherwise.

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